Mutual Fund Investing at Merrill Lynch

[Pages:20]Merrill Personal Advisor Progra Client Agreement

Mutual Fund Investing at Merrill

A Client Disclosure Pamphlet April 2023

Merrill Lynch, Pierce, Fenner & Smith Incorporated One Bryant Park New York, N.Y. 10036 1.800.MERRILL

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Mutual Fund Investing at Merrill Table of Contents

Introduction U.S. Registered Mutual Fund Share Classes Front-End Sales Charge and Contingent Deferred Sales Charge (CDSC) Waivers and Discounts at Merrill Asset-Based Fee Programs Retirement & Benefit Plan Services Programs Merrill Edge? Self-Directed Investing Compensation of Merrill Financial Advisors and Their Managers Compensation for Financial Solutions Advisors and Certain Other Advisors Fund Families' Cost Sharing for Training Events and Other Meetings & Gifts, Meals and Entertainment Additional Merrill Services and Compensation Money Market Mutual Funds Purchases, Sales and Transfers Other Services Appendix

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7-8 8-9

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11-12 12-14 14-16

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Mutual Funds are not FDIC insured; are not deposits or obligations of, or guaranteed by, any financial institution; and are subject to investment risks, including possible loss of the principal amount invested. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.

Prospectuses for mutual funds can be obtained through the investor's sign-in area of . Clients of Merrill Advisory Center can also call 1.888.654.6837. If you're not currently a Merrill Edge client, please call 1.888.637.3343.

Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as "MLPF&S" or "Merrill") makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation ("BofA Corp."). MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.

Investment products:

Are Not FDIC Insured

Are Not Bank Guaranteed

May Lose Value

Merrill is providing this third-party website only as a convenience and the inclusion of the website does not imply any endorsement, approval, investigation, verification or monitoring by Merrill or any of its affiliates of any content or information contained within or accessible from the website. Merrill and its affiliates do not control the accuracy, completeness, timeliness or appropriateness of the content or information on the website. If you choose to visit the website you will be subject to its terms of use and privacy policies, over which Merrill and its affiliates have no control. In no event will Merrill or any of its affiliates be responsible for any information or content within the website or your use of the website.

The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank

of America Private Bank, a division of Bank of America, N.A., ("Bank of America") and Merrill Lynch, Pierce, Fenner & Smith

Incorporated ("MLPF&S" or "Merrill"), a registered broker-dealer, registered investment adviser and a wholly owned subsidiary of

BofA Corp. This information should not be construed as investment advice and is subject to change. It is provided for informational

purposes only and is not intended to be either a specific offer by Bank of America, Merrill or any affiliate to sell or provide, or a

specific invitation for a consumer to apply for, any particular retail financial product or service that may be available. ?

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Mutual Fund Investing at Merrill Disclosure Statement (Continued)

Introduction

When selecting a mutual fund that fits your needs, there are several key factors to consider:

? The fund's investment strategy ? The fund's risk profile ? The fund's investment performance ? The fund's relationship to your overall

asset allocation strategy, investment time horizon and liquidity needs ? The fund's manager ? The fund's fees and expenses, which will reduce investment returns

This pamphlet offers information about fees and expenses for the U.S. registered open-end mutual fund share classes available through Merrill Lynch, Pierce, Fenner & Smith Incorporated ("Merrill") as well as the compensation that Merrill earns with respect to those funds.

Merrill, a wholly owned subsidiary of Bank of America Corporation ("BofA Corp"), offers a wide range of investment products and services, including many different open-end mutual funds. Mutual funds available through Merrill include (i) funds that are registered in the United States and typically only offered for sale to "U.S. persons" ("domestic" mutual funds) and (ii) funds that are domiciled outside of the United States and typically only available to people or entities that are not "U.S. persons" under Regulation S of the Securities Act of 1933 ("offshore" mutual funds). This pamphlet only refers to domestic mutual funds. For information about offshore mutual funds at Merrill, refer to the Offshore Mutual Fund Investing Pamphlet at funds.

Merrill offers its products, accounts and services through different service models; for example:

? Full-service- Clients who work with a financial advisor in some capacity, or

? Self-directed- Clients who manage their own accounts and do not have an advised relationship.

Based on the service model, the same or similar products, accounts and services may vary in their price or fees charged to a client.

In addition, you may be able to purchase mutual funds or share classes directly from the mutual fund company or its distributor, or through other

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financial intermediaries, without paying a fee or sales charge to Merrill or for lower fees and expenses. Further, some mutual funds have investment strategies that can be substantially similar to the strategies of other investment products, such as exchange traded funds and separately managed accounts. These investment products can have lower costs and expenses but have different features than those offered by mutual funds (e.g., exchangeability, certain discounts and waivers, or daily net asset value). A Merrill Financial Advisor's compensation varies based on the type of investment product, therefore a Merrill Financial Advisor can receive more or less compensation if you invest in a mutual fund over another investment product.

A review by or under the supervision of personnel of the Merrill Chief Investment Office ("CIO"), referred to as the "CIO Review Process," is conducted on each mutual fund that Merrill makes available to its clients. The CIO Review Process consists of (1) proprietary evaluation processes conducted by the CIO, and (2) processes and reviews provided by third parties that Merrill has engaged for this purpose. The third-party reviewers apply evaluation processes that are generally consistent with, but not identical to, the multi-factor processes that the CIO applies. Merrill, through the CIO, reviews such third-party reviewers' evaluation processes on an ongoing basis and believes that such processes are reasonable and appropriate. Please note that Merrill and the third-party reviewers can differ with respect to their approach to analyzing and rating particular funds or share classes of funds. Accordingly, in certain instances, Merrill may continue to make available to clients funds or share classes that have been assigned a negative rating by such third-party reviewers; this is particularly likely to occur where a third-party reviewer's negative rating is driven solely by reference to the internal expenses associated with a particular share class, and not the total cost of ownership of such share class to the client. The CIO Review Process does not impact investment choices in a Merrill Edge self-directed investing account.

For more information on any mutual fund, please request a summary prospectus, and/or a full prospectus from your Merrill Financial Advisor, Merrill Financial Solutions Advisor ("Financial Solutions Advisor") or Merrill Edge self-directed

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Mutual Fund Investing at Merrill Disclosure Statement (Continued)

investing Investment Center representative ("Investment Center representative") and read it carefully. Before investing, carefully consider the investment objectives, risks, and charges and expenses of the fund. This and other information can be found in the fund's prospectus.

U.S. Registered Mutual Fund Share Classes

In order to accommodate different investing needs, many mutual funds offer more than one "class" of shares ? generally Class A, Class C, and no-load shares. Each share class represents an interest in the same mutual fund's investment portfolio, but with different fees and expenses. An investor who holds a more expensive share class of a mutual fund will pay higher fees over time--and earn lower investment returns--than an investor who holds a less expensive share class of the same fund. At Merrill, certain share classes offered by a mutual fund are limited to specific service models. For example, certain noload mutual fund share classes are available only through certain Merrill asset-based fee programs (institutional or "advisory" shares with no 12b-1) and Merrill Edge self-directed investing accounts (load waived or no load with 12b-1), as described more fully in their respective sections below. However, these share classes generally are not available to clients purchasing mutual funds in a full-service brokerage account. For information about a particular mutual fund's share classes, you should review the fund's prospectus, including the fee table.

The Financial Industry Regulatory Authority ("FINRA") maintains a Mutual Fund Expense Analyzer tool on its website at fundanalyzer that may help you in making a decision about which share class is best for you.

Class A Shares. Class A shares, often referred to as "front-end load" shares, typically impose a frontend sales charge, also known as a "load", which you pay at the time of purchase. However, these funds typically have lower annual operating expenses than Class C shares, so they can be more economical for investors who have an intermediate to longer-term investment time horizon.

How it works: In general, when buying Class A

shares, a front-end sales charge ranging from

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0.00% to 5.75% is deducted from your initial investment at the time of purchase. When you purchase Class A shares through a Merrill Financial Advisor, Merrill generally only permits purchases of an amount of Class A shares where the sales charge is 3.5% or lower. The amount of the sales charge you pay varies based upon factors such as the fund's particular sales charge schedule, whether you are eligible for any discounts or waivers and/or the asset class of the fund. Based on your investment needs, if you are unable to complete the purchase of Class A shares due to the maximum 3.5% sales charge, you can choose to invest the same dollar amount in Class C shares or purchase an amount of Class A shares that would bring the sales charge to 3.5% or lower. Most of this front-end sales charge is paid to Merrill as a "dealer concession" or "dealer commission" and a portion of that amount is paid to your Merrill Financial Advisor (see discussion below). A fund may offer discounts on, or waivers of, a front-end sales charge depending on the terms set forth in the fund's prospectus and/or statement of additional information. For example, breakpoints as described in the fund's prospectus. Additionally, less expensive share classes may be available to you depending on the eligibility terms set forth in the fund's prospectus and statement of additional information. The conditions under which these discounts, waivers or shareholder rights are available vary among fund families and financial intermediaries (like Merrill) who offer the fund's shares to their clients.

If you purchase shares through certain Merrill platforms or accounts you may be eligible for the discounts, waivers of front-end sales charges or different share classes as described in the "FrontEnd Sales Charge and CDSC Waivers and Discounts at Merrill" section below and in the Merrill-specific disclosure in the participating funds' prospectuses. Rights of reinstatement, breakpoints, rights of accumulation and letters of intent are types of sales charge waivers or discounts available at Merrill. The availability of these discounts, waivers of front-end sales charges or different share classes may also vary depending on the Merrill service model you select. As such, some of the funds' discounts, waivers or different share classes are not available at Merrill and are available only if you purchase the fund directly from the mutual fund company or its distributor, or through financial intermediaries other than Merrill.

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Mutual Fund Investing at Merrill Disclosure Statement (Continued)

Some fund families do not participate in certain discounts, waivers and/or share class exchange rights available at Merrill ("Non-Participating Fund Families"). Accordingly, it is important to note that in such cases, Merrill discounts, waivers of frontend sales charges or share class exchange rights are not available with respect to shares of the funds of the Non-Participating Fund Families which are not available for purchase at Merrill. If you hold shares of funds from Non-Participating Fund Families in your Merrill account, you are eligible for the CDSC waivers and Class C share conversion rights set forth in the fund's prospectus, if applicable. For a list of participating fund families, see the Appendix at the end of this pamphlet. Consult the fund's prospectus or statement of additional information for information on available front-end sales charge discounts, waivers and eligibility for different share classes. Talk with your Merrill Financial Advisor, Financial Solutions Advisor or Investment Center representative if you believe you qualify for a discount, waiver, or a different share class and to determine whether and how they apply at Merrill.

Reinstatement of Class A Shares: Reinstatement privileges allow investors who have recently sold shares to purchase new shares of the same share class, within the same fund family, up to the dollar amount of the sale proceeds with no sales charge. Merrill will apply reinstatement privileges for accounts that had sold Class A shares less than 90 days prior to purchasing new Class A shares of any fund from the same fund family.

Reinstatement privileges at Merrill will only apply when the purchase and redemption transactions occur in the same account. Because Class A shares with no sales charges have lower annual 12b-1 and/or service fee than Class C shares, if you qualify for reinstatement privileges for Class A shares, you will not be able to purchase Class C shares of the same fund family until you use the full reinstatement privileges to which you are entitled. Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for reinstatement at Merrill.

For more information on reinstatement privileges at Merrill see "Front-End Sales Charge and CDSC Waivers and Discounts at Merrill" below or the Merrill-specific disclosure in the participating fund's prospectus. You may be able to obtain other

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reinstatement privileges if you had eligible purchases made directly with the fund or through the fund's distributor that are not available if you purchased the fund through Merrill.

Breakpoints and Rights of Accumulation: Mutual funds issuing Class A shares generally offer discounts, called "breakpoints," on the front-end sales charge for larger investments or additional investments within the same fund family. For example, a mutual fund might impose a front-end sales charge of 3.00% for investments between $50,000 and $99,999 but reduce the charge to 2.50% for investments between $100,000 and $249,999, and further reduce or eliminate the front-end sales charge for even larger investments. Mutual fund investors are typically permitted to aggregate holdings in related accounts (such as your own or those of certain family members) to calculate the appropriate breakpoint (called "rights of accumulation"). A Merrill Financial Advisor, Financial Solutions Advisor or Investment Center representative can help you determine whether you are eligible for any breakpoint discounts.

Check the fund's prospectus and statement of additional information to obtain fund-specific information on breakpoint discounts. It is your responsibility to notify your Merrill Financial Advisor, Financial Solutions Advisor or Investment Center representative of any eligible holdings of a specific fund family held by your related accounts, whether at Merrill, another firm, or directly at the fund in order to ensure that the most advantageous breakpoint is applied.

Letter of Intent: A Letter of Intent ("LOI") is a written statement that you sign to express your intent to invest a specific dollar amount of shares within a fund family within a specified time period (usually 13 months) that if bought all at once, would entitle you to an applicable breakpoint discount. Keep in mind that if you do not purchase the amount committed to within the specified time period, a sufficient amount of your fund shares can be sold to collect the difference between the full sales charge stated in the fund's prospectus applicable to your actual purchase amount and the reduced sales charge that was originally charged to you. Any share class for which no front-end sales charge is paid cannot count towards the commitment amount of the LOI. Merrill only offers an LOI feature with participating fund companies; see "Front-End Sales Charge and CDSC Waivers and Discounts at Merrill"

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Mutual Fund Investing at Merrill Disclosure Statement (Continued)

below or the Merrill-specific disclosure in the participating fund's prospectus. For more information, notify your Merrill Financial Advisor, Financial Solutions Advisor or Investment Center representative if you intend to make additional future purchases within the same fund family in order to benefit from an LOI, to obtain more information on the Merrill LOI, or to request a copy of the Merrill LOI form. Purchases made outside of Merrill do not count towards any existing LOI established at Merrill.

Breakpoints, rights of accumulation, and LOIs can help reduce sales charges for investments within the same fund family. Investors can choose to invest across multiple fund families for many reasons, including potential diversification, as well as having the ability to invest in fund strategies that may not be available within the same fund family. It is important to consider that investing across multiple fund families reduces the opportunity to qualify for breakpoint, rights of accumulation, and LOI discounts or benefits.

Also keep in mind that mutual funds issuing Class A shares with a breakpoint that eliminates the front-end sales charge generally impose a CDSC, which is typically between 0.25% and 1.00% of the redemption amount, on purchases meeting that breakpoint if you redeem (sell) the shares during the first year or longer, with no CDSC thereafter. A CDSC reduces the amount of proceeds you receive when you sell all or a portion of your investment. While a front-end sales charge will not be imposed, Merrill will typically receive up-front compensation of between 0.25% and 1.00% of the invested amount, paid by the fund's distributor or other service provider at the time of sale, and a portion of this amount is paid to your Merrill Financial Advisor (see discussion below).

Class A shares' annual operating expenses typically include an annual 12b-1 and/or service fee that ranges from between 0.00% and 0.50% of the net assets of the Class A shares. The 12b1 and/or service fee for most funds offered at Merrill typically ranges between 0.20% and 0.30%. This annual 12b-1 and/or service fee is used to compensate the fund's distributor and/or firms like Merrill for distribution and/or ongoing personal shareholder services, maintenance of shareholder accounts, and/or related services, if applicable. A portion of this amount is paid to your Merrill Financial Advisor (see discussion below).

The dollar amount at which you should consider purchasing Class A shares of a fund can be evaluated using FINRA's Mutual Fund Expense Analyzer tool mentioned previously above. The tool will help analyze the fund's one-time front-end sales charge and annual operating expenses compared to the sales charges and the annual operating expenses of other share classes of the same fund.

Class B Shares. Class B shares, often referred to as "back-end load" shares, typically do not impose a front-end sales charge. Class B shares do, however, typically impose a CDSC, which may be charged to shareholders who redeem Class B shares within a certain number of years. This charge declines over time and eventually is eliminated. For example, the CDSC typically starts at 5% for shares redeemed during the first year and is reduced over time until it is eliminated, generally after six years.

Class B shares are not available for purchase at Merrill. Existing Class B shares may be redeemed or exchanged to purchase shares of the same class of another fund within the same fund family. For additional information about exchanges, refer to the section below titled Mutual Fund Family Fund to Fund Exchange Privileges and the - fund's prospectus.

CDSCs on Class B shares that are being redeemed are typically paid to the fund's distributor. Neither Merrill nor your Merrill Financial Advisor typically receives the CDSC. Although Class B shares usually do not impose a front-end sales charge, they do include an annual 12b-1 and/or service fee (typically paid to the fund's distributor or other service provider) that is equal to a maximum of 1.00%, which is higher than the 12b-1 and/or service fee for the fund's Class A shares. As with Class A shares, Merrill is compensated by the fund's distributor or other service provider for providing distribution and/or ongoing personal shareholder services, typically at an annual rate of 0.25% of the net assets of the Class B shares, and a portion of this amount is paid to your Merrill Financial Advisor (see discussion below). The remainder of the Class B 12b-1 and/or service fee (e.g., 0.75%) is typically retained by the fund's distributor or other service provider. Class B shares often convert to Class A shares after a period of time (typically 8 to 10 years), which effectively lowers the 12b-1 and/or service fee.

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Reinstatement of Class B Shares: When you redeem Class B shares at Merrill and reinvest into the same fund family in the same account within 90 days of the redemption, you will be reinstated into Class A shares with no sales charges, and the newly purchased shares will not have a CDSC to the extent the older, redeemed shares were no longer subject to a CDSC. Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for reinstatement at Merrill.

Class C Shares. Class C shares, often referred to as "level-load" shares, typically do not levy a front-end sales charge when you buy shares. However, they often impose a CDSC and higher annual charges, so compared to Class A shares, they become less economical for investors who hold their investments over a longer term. In some instances, Class C shares are more economical for investors who have a short to intermediate investment horizon and are not investing sufficient amount to qualify for a more advantageous front end sales charge breakpoint. Class C shares also may be more appealing to you if you prefer the flexibility to change your investments among different fund families periodically, without paying front-end sales charges or (possibly) CDSCs, or if you prefer not to pay front-end sales charges on each transaction.

Class C shares generally impose the following sales charges:

? Class C shares typically impose a CDSC of 1.00% of the redemption amount if you sell during the first year, with no CDSC thereafter. CDSCs are typically paid to the fund's distributor or other service provider, not to Merrill or your Merrill Financial Advisor.

? Class C shares generally include an annual 12b-1 and/or service fee that equal no more than 1.00% of the net assets of the Class C shares. This is higher than comparable charges or fees for the fund's Class A shares.

Merrill typically receives up-front compensation of

1.00% of the invested amount. This compensation

is paid by the fund's distributor or other service

provider at the time of sale, and a portion of this

amount is paid to your Merrill Financial Advisor

(see discussion below). The initial compensation

paid to Merrill in connection with your purchase of

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Class C shares is generally lower than that paid on Class A share transactions. However, Merrill typically receives a higher annual 12b-1 and/or service fee in connection with your investment in Class C shares, generally between 0.50% to 1.00% of the net assets of the Class C shares. A portion of these fees is paid to your Merrill Financial Advisor (see discussion below) and a portion covers ongoing personal shareholder services provided by Merrill.

The dollar amount at which you should consider purchasing Class C shares of a fund can be evaluated using FINRA's Mutual Fund Expense Analyzer tool mentioned previously above.

For participating fund families, Merrill will automatically exchange your Class C shares for Class A shares (or another eligible share class as disclosed in the fund's prospectus) of the same fund in the month following the 5-year anniversary of the purchase date. If a fund family's prospectus allows for automatic Class C share conversions (the fund's terminology for an exchange) sooner than 5 years from the date of purchase, the earlier prospectus conversion requirements will apply. The fund level conversion feature may not apply to all Class C shares; please see the specific fund's prospectus for more information. If you hold shares of funds from Non-Participating Fund Families in your Merrill account, you are eligible for the Class C share conversion rights set forth in the fund's prospectus, if applicable.

Mutual funds may offer CDSC waivers in certain circumstances, such as in the event of the death of the shareholder. Not all CDSC waivers included in the fund's prospectus or statement of additional information are available through Merrill. See "Front-End Sales Charge and CDSC Waivers and Discounts at Merrill" below or the Merrill-specific disclosure in the participating fund's prospectus for a full list of CDSC waivers available through Merrill.

Check the fund's prospectus and statement of additional information to obtain fund-specific information on purchase limits. It is your responsibility to notify your Merrill Financial Advisor, Financial Solutions Advisor or Investment Center representative of any eligible holdings of a specific fund family held by your related accounts, whether at Merrill, another firm, or directly at the fund in order to ensure that the most advantageous share class is made available to

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you.

Reinstatement of Class C Shares: When you redeem Class C shares at Merrill and then buy Class C shares or Class A shares from the same fund family in the same account up to the dollar amount of the sale proceeds within 90 days of the redemption, the newly purchased shares will not be subject to a front-end sales charge or have a CDSC to the extent you paid the CDSC on the older, redeemed shares, or they were no longer subject to the CDSC at the time of the redemption. Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for reinstatement at Merrill.

Institutional, Retirement, No-Load, Load-Waived and Other Share Classes. In addition to Class A and C shares, other share classes that charge different fees may be available through Merrill. In some instances, only certain types of investments, investors, accounts or programs may qualify for these other classes. For example, some fund companies offer "retirement" shares through Merrill for retirement plans. These retirement shares do not charge an up-front sales charge or CDSC but may impose a 12b-1 and/or service fee. Some fund families offer "institutional" shares, which do not charge an up-front sales charge, CDSC, or 12b-1 and/or service fee. Also, institutional, no-load or other fund shares (along with "load-waived" Class A shares) may only be available through certain Merrill asset-based fee programs and Merrill Edge self-directed investing accounts; see "Asset-Based Fee Programs" and "Merrill Edge Self-Directed Investing".

Mutual Fund Family Fund to Fund Exchange Privileges: Mutual funds may offer exchanges into the same share class of another fund within the same fund family without a sales charge, Fund exchanges are subject to the exchange conditions set forth in the fund's prospectus and fund and share class availability at Merrill,

Consult the fund's prospectus and statement of additional information to obtain fund-specific information on exchange privileges.

Front-End Sales Charge and CDSC Waivers and Discounts at Merrill

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Shareholders purchasing fund shares (except those of Non-Participating Fund Families ? See "U.S. Registered Mutual Fund Share Classes" above for more details regarding Non-Participating Fund Families) through Merrill may be eligible for waivers or discounts as specified herein and as disclosed in the Merrill-specific disclosure in the participating fund's prospectus. For waivers and discounts not available through Merrill, you will have to purchase shares directly from that fund family's transfer agent or other service provider. For participating fund families, Merrill will automatically apply sales charge and CDSC waivers and discounts in the following scenarios:

? Breakpoints as described in the fund's prospectus

? LOI which allows for breakpoint discounts based on anticipated purchases within a fund family, through Merrill, over a 13month period of time provided the fund family has agreed to offer this privilege

? Rights of accumulation which entitle shareholders to breakpoint discounts as described in the fund's prospectus calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the client's household at Merrill. Eligible fund family assets not held at Merrill may be included in the rights of accumulation calculation only if the shareholder notifies his or her Merrill Financial Advisor about such assets

? Shares purchased through a Merrill affiliated investment advisory program

? Shares exchanged due to the holdings moving from a Merrill affiliated investment advisory program to a Merrill brokerage (non-advisory) account

? Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for reinstatement

? Shares purchased by employer-sponsored

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